Cardano Back in Top 5 As ADA Rallies Over 10%, Sundae Swap Upgrade Coming This Week

By Bhushan Akolkar
January 17, 2022 Updated January 17, 2022
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Cardano (ADA) Whales Ownership Rises Record Levels, 'Buy The Dip' Opportunity?

After moving sideways for weeks together, Cardano’s native cryptocurrency ADA was back in action over the weekend gaining more than 10% on Sunday, January 16. With this, Cardano seals its place once again in the top-five crypto-list.

As of press time, ADA is trading 9.10% up at a price of $1.47 and a market cap of $49.2 billion. The recent price surge in Cardano comes following strong transaction volumes and just before the Sundae Swap later this week. As per data from Messari, the Cardano blockchain had the second-highest network activity trumping Ethereum.

Another major development is that 70 new smart contracts have been launched on the Cardano blockchain over the last month between December 13 – January 13. After an initial good start post the Alonzo upgrade in September 2021, the launch of smart contracts slowed down on Cardano that also resulted in a negative perception. Explaining the same, Cardano founder Charles Hoskinson stated:

“We had to rewrite the software three times; there were major changes in architecture and vendors. There were approaches taken that didn’t work out; there were, of course, delays”.

He further added that delays are the nature of the game for Cardano. One of the major important upgrades to the Cardano network is the launch of Sundae Swap ahead this week on Thursday, January 20.

Details of the Cardano Sundau Swap

As said, the launch of the Sundae Swap on the Cardano blockchain will happen later this week as a fully-functional beta decentralized exchange (DEX). Soon after the launch, yield-farming for SUNDAE will begin. The official announcement notes:

Yield farming will be available for at least the first six months of the SundaeSwap DEX, and during this period, LP tokens staked to yield farming contracts in eligible pools can earn additional SUNDAE rewards.

The recent rally could result into sustained price gains ahead this year in 2022.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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